Annual report pursuant to Section 13 and 15(d)

PROPERTY AND EQUIPMENT (Details 1)

v3.7.0.1
PROPERTY AND EQUIPMENT (Details 1) - USD ($)
12 Months Ended
Aug. 25, 2016
Mar. 31, 2017
Mar. 31, 2016
Fair value of net assets at August 25, 2016:      
Impairment of oil and gas properties   $ 79,142,113 $ 21,391,490
Purchase Agreement [Member] | 23 Different Entities & Individuals [Member] | Mid-Continent Region [Member]      
Purchase Price on August 25, 2016:      
Fair value of common stock issued $ 49,176,530    
Fair value of Series B Preferred Stock issued 14,898,038    
Assumption of debt 30,595,256    
Cash Paid at Closing 4,975,000    
Total purchase price 99,644,824    
Fair value of net assets at August 25, 2016:      
Accounts receivable 635,482    
Total current assets acquired 635,482    
Oil and gas properties 50,774,684    
Total assets acquired 51,410,166    
Asset retirement obligations (755,862)    
Total liabilities acquired (755,862)    
Net assets acquired 50,654,304    
Impairment of oil and gas properties 48,990,520    
Total Purchase Price 99,644,824    
Assumption of debt 30,595,256    
Cash funding (due at closing) 4,975,000    
Loan Commitment fee (due at closing) 200,000    
Lien Payoff (due at closing) 72,657    
Restricted cash (received at closing) 3,360,000    
Cash (received at closing) 797,087    
Debt payable after closing $ 40,000,000